Nova Scotia introduces new Cyber-bullying
Legislation
By Eriq Yu and
Keith Rose on October 17th, 2017
On October 5, 2017, the Nova Scotia Legislature introduced Bill No. 27, the Intimate Images and Cyber-protection Act (the "Cyber-protection Act", or the "Act"). The Act comes as Nova Scotia's previous cyber-bullying legislation, the Cyber-safety Act ("CSA"), was struck down in 2015 by the Nova Scotia Supreme Court on constitutional challenge.
The Cyber-protection Act, like the CSA, is notable for making Nova Scotia the first Canadian province to formalize and adopt cyber-bullying legislation. Similar to its predecessor, the Act proposes to create civil remedies to deter, prevent, and respond to the harms of non-consensual sharing of intimate images and cyber-bullying.
Transatlantic Policy Working Group Releases Future of
RegTech Report
By
Ana Badour and Arie van Wijngaarden on October 16th, 2017
The Transatlantic Policy Working Group ("TPWG"), an organization set up by Innovate Finance and some of its partners and which is dedicated to Fintech policy discussion between the United States and United Kingdom, recently published a report entitled The Future of RegTech for Regulators (the "TPWG Report"). RegTech refers to the use of technology to facilitate compliance with regulatory requirements via improved data analytics, reporting, and information governance (please see our previous blog posts on RegTech here and here). These technologies have the potential to help business increase accuracy of their reporting and compliance programs while concurrently reducing costs.
The TPWG Report highlights possible ways in which regulators may approach Fintech solutions for regulatory compliance in the future. Understanding the models behind the approaches adopted by regulators will be key to ensuring that Fintech entities understand the letter and spirit of future regulations.
The key conclusion of the TPWG Report is that regulators should keep an open mind to the different approaches being taken by their counterparts in other countries. There are different models which regulators can follow, which include the "Ecosystem Approach", the "Digital Financial Infrastructure Approach" and the "Rule and Process Change Approach". Critical consideration of these underlying models can be important in ensuring that regulation is consistent and strikes the appropriate balance between encouraging innovation and protecting the financial system from risk.
B.C. Securities Commission Announces First Registration of
Investment Fund Manager Dedicated to Cryptocurrency
Investments
By Connor Bildfell on October 11th, 2017
On September 6, 2017, the British Columbia Securities Commission ("BCSC") announced the first registration of an investment fund manager in Canada dedicated solely to cryptocurrency investments. First Block Capital Inc. ("First Block Capital"), which will operate a bitcoin investment fund, was registered as an investment fund manager and exempt market dealer. The company is also registered in Ontario, with the BCSC being its principal regulator.
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